President Tinubu Promises Support for Retirees with New Pension Initiatives

President Bola Ahmed Tinubu has announced that no Nigerian who has served the country will be forgotten in retirement. He made this statement during the launch of PenCare, a national program aimed at improving the well-being of retirees, and the approval of a N758 billion pension bond to address unpaid pension obligations.

The announcements were made on Thursday at the National Pension Week Leadership Summit held at the Transcorp Hilton in Abuja. Tinubu was represented by Senator George Akume, who spoke on the theme, “Pensions for All: Building a Secure Future Together.”

Tinubu emphasized that pensions are a right for workers who have contributed to the nation’s development, not a favor from the government. He stated, “A pension is not a favour granted by government. It is a wage earned, deferred and held in trust.”

The N758 billion pension bond is intended to settle long-standing pension rights that have been overdue for years. Tinubu described this approval as a necessary step to help retirees who have been waiting for their benefits.

In addition to the pension bond, the President introduced PenCare, which will initially provide low-income retirees with access to essential healthcare services. This program aims to ensure that retirees receive support beyond just savings accumulation.

Tinubu acknowledged existing challenges such as rising living costs and employers not paying pension contributions. He urged the National Pension Commission to enforce pension laws more effectively and called on employers to remit pension contributions promptly.

He also encouraged pension fund managers to improve their investment strategies and ensure that retirees benefit from their savings. The President stressed that the success of the pension system should be measured by the security and dignity it provides to retirees.

Finally, Tinubu called for expanded pension coverage to include workers in informal sectors, such as traders and farmers, and urged collaboration among various stakeholders to improve the pension system in Nigeria.